Oil prices sink as Libya reopens export terminals

Markets 7/11/2018, 8:34 PM
Oil prices sink as Libya reopens export terminals

Oil prices continued to crash on Wednesday with Brent crude futures experiencing the biggest one-day drop since February 2016 after Libya's state oil company said it would reopen four of its export terminals. The country's National Oil Corporation (NOC) announced production and export operations would be resumed during the day at the ports, whose closures resulted in the loss of 800,000 barrels a day off the global market.

Meanwhile, the escalating trade war between China and the United States took its toll on crude prices as well, as the office of the US trade representative said it would slap a new 10% tariff on $200 billion worth of Chinese imports.

September Brent crude, the international benchmark, sank 7.10% to $73.52 per barrel at 8:36 pm CET, while West Texas Intermediate, the US benchmark, for August settlements dropped 5.13% to $68.84 at 8:39 pm CET.

Breaking the News / JC

Keywords:
oil
Share:

Brent Crude (...+0.40%

67.37
Chart for: F BRN 1/19

F WBS+0.49%

57.36
Chart for: F WBS 1/19